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Catalina Cottages 103 N Catalina Ave 10 Unit Apartment Building $3,500,000 ($350,000/Unit) 4.91% Cap Rate Pasadena, CA 91106
INVESTMENT HIGHLIGHTS
- One 2-bedroom, 1-bath unit • Two single units, with two newly added ADUs • 5 one bedroom
- The South Lake District has experienced significant rental demand growth over the past 24 months, driven by a surge in employment.
- Gated and secure property • Proximity to South Lake District and nearby Metro Station
EXECUTIVE SUMMARY
Presenting Catalina Cottages, a ten-unit multifamily property located just steps from Pasadena’s South Lake District. The unit mix consists of one 2-bedroom, 1-bath unit and nine single units, including two recently added ADUs. The property has undergone recent renovations, including the addition of two ADUs. Several units have been updated, and two units remain with value-add potential. The gated property offers secured access and is located near public transportation, including a nearby Metro station. The South Lake District has seen increased rental demand in recent years, supported by local employment growth. This asset provides in-place income with potential for additional upside through renovation and rent increases. This is an opportunity to acquire a stabilized multifamily property in a high-demand Pasadena neighborhood.
PROPERTY FACTS
| Price | $3,500,000 | Building Class | C |
| Price Per Unit | $350,000 | Lot Size | 0.21 AC |
| Sale Type | Investment | Construction Status | Under Renovation |
| Cap Rate | 4.91% | Building Size | 4,250 SF |
| No. Units | 10 | Average Occupancy | 100% |
| Property Type | Multifamily | No. Stories | 1 |
| Property Subtype | Apartment | Year Built/Renovated | 1925/2025 |
| Apartment Style | Low-Rise | Parking Ratio | 1.18/1,000 SF |
| Zoning | RM48, Pasadena | ||
| Price | $3,500,000 |
| Price Per Unit | $350,000 |
| Sale Type | Investment |
| Cap Rate | 4.91% |
| No. Units | 10 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.21 AC |
| Construction Status | Under Renovation |
| Building Size | 4,250 SF |
| Average Occupancy | 100% |
| No. Stories | 1 |
| Year Built/Renovated | 1925/2025 |
| Parking Ratio | 1.18/1,000 SF |
| Zoning | RM48, Pasadena |
AMENITIES
UNIT AMENITIES
- Washer/Dryer
- Kitchen
- Tub/Shower
- Patio
SITE AMENITIES
- 24 Hour Access
- Controlled Access
- Gated
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 7 | $1,925 | 375 - 490 |
| 2+1 | 1 | $2,995 | 645 |
| Studios | 2 | $1,750 | 375 |
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Walk Score®
Walker's Paradise (97)
Bike Score®
Very Bikeable (81)
PROPERTY TAXES
| Parcel Number | 5738-003-016 | Improvements Assessment | $654,249 |
| Land Assessment | $1,365,393 | Total Assessment | $2,019,642 |
PROPERTY TAXES
Parcel Number
5738-003-016
Land Assessment
$1,365,393
Improvements Assessment
$654,249
Total Assessment
$2,019,642
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Catalina Cottages | 103 N Catalina Ave
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